Best Places for First-Time Home Buyers

Smart Assets published a list of the best places in America for first-time home buyers. The site ranked every U.S. city with a population of over 300,000 based on seven metrics:

1. Number of mortgage lenders;
2. Loan funding rate;
3. Value per square foot of home;
4. Affordability ratio (the ratio of median household income to ownership costs);
5. Homeowner stability;
6. Market volatility; and
7. Number of quarters since 2010 that home prices declined.

The Top 15 Places are:

1. Oklahoma City, Oklahoma

• Loan funding rate: 75%
• Average price per square foot of home: $78
• Average monthly mortgage payment: $496
• Median household income: $46,584

2. Tulsa, Oklahoma

• Loan funding rate: 74%
• Average price per square foot of home: $72
• Average monthly mortgage payment: $515
• Median household income: $48,926

3. Indianapolis, Indiana